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Australian Neobank 86 400 partners with Connective to offer home loans

By Edil Corneille

September 24, 2020

  • 86 400
  • Australia
  • Connective
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86 400, logo, neobank, smartbank, AustraliaAustralia’s smartbank 86 400 has today signed a strategic partnership with aggregator, Connective, to further supercharge its broker network. Connective joins 11 partners and aggregators offering 86 400’s smarter approach to home loans which means over half of all brokers in Australia can offer their clients a fast and streamlined home loan application process.

Mark Haron, Executive Director at Connective said, “86 400’s approach to mortgages is transforming the process of buying a home for Australians. We look forward to working with the team to provide home buyers with greater choice and better value through our extensive broker network.”

Since launching its home loan product in November 2019, brokers have been taking advantage of 86 400’s fully digital solution.

Robert Bell, CEO, 86 400 said, “Brokers and their customers want something that’s digital and easy to use: that’s why we developed our digital home loan product, and that’s why we’re thrilled to have partnered with Connective to help more Australians realise these benefits.”

“Consumers are fed up with mortgage paperwork, so we’ve built a process with next to no paperwork. They’re fed up with slow processing, so we’re speeding it up with decisions made in just a few hours. They’re fed up with high fees and rates so we’ve brought in low fees and great rates.”

86 400 is said to be the only newly licensed bank in Australia with both home loan and everyday banking products in the market and the only digital home loan for brokers. The digital solution has streamlined the application as well as the approval processes, thereby offering simplicity and speed to brokers and customers alike.

“We’ve said from day one that we’re not interested in building a niche bank. We have a long-term, sustainable business model, which balances both sides of the ledger, and are busy building and rolling out products and partnerships we know our customers want,” Bell stated.

The electronic capturing of income and expenses which is auto populated into the application form has simplified what was previously a complicated and lengthy process. Coupled with an Australian-based lending operations and contact centre team, 86 400 is turning the entire home loans process on its head and bucking industry trends of slowing approval times during the current global turbulence, to give a decision in a matter of hours.

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